The phone-based authentication solutions market share is expected to increase by USD 4.98 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 20.59%.

This phone-based authentication solutions market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers phone-based authentication solutions market segmentation by end-user (BFSI, PCI, government, and others) and geography (North America, Europe, APAC, South America, and MEA). The phone-based authentication solutions market report also offers information on several market vendors, including Broadcom Inc., Early Warning Services LLC, Entrust Datacard Corp., Fujitsu Ltd., HID Global Corp., IDEMIA, OneSpan Inc., SecureAuth Corp., Shearwater Group Plc, and Thales Group among others.

What will the Phone-based Authentication Solutions Market Size be During the Forecast Period?

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Phone-based Authentication Solutions Market: Key Drivers and Trends

The increasing number of smart connected devices is notably driving the phone-based authentication solutions market growth, although factors such as issues associated with system integration and interoperability may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the phone-based authentication solutions industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Phone-based Authentication Solutions Market Driver

One of the key factors driving growth in the phone-based authentication solutions market is the increasing number of smart connected devices. The number of smart connected devices across the world is expected to increase during the forecast period. Hence, several organizations are focusing on maintaining, managing, and monitoring data, which will increase the demand for network communications. Education, retail, and BFSI organizations are improving their processes by adopting the Internet of Things (IoT) for analysis. The close monitoring of business processes necessitates the development of effective information security products and services in real-time. Though the use of smartphones improves productivity, it also creates additional risks for an organization's confidential data. Phone-based authentication solutions safeguard sensitive information against malware attacks. The growing number of connected devices increases the need to monitor, manage, and maintain the authenticity of users over the network. Hence, the demand for phone-based authentication solutions will grow during the forecast period.

Key Phone-based Authentication Solutions Market Challenge

The issues associated with system integration and interoperability will be a major challenge for the phone-based authentication solutions market during the forecast period. The increasing adoption of advanced technologies in many industries such as BFSI and telecommunication causes system integration and interoperability issues. Many organizations face integration issues when implementing phone-based authentication solutions. Technical issues during operations can incur costs to the organization and reduce operational efficiency. Technical defects, server errors, and other malfunctions caused by hacking are the key issues associated with phone-based authentication solutions. System integration and interoperability issues arise mostly when organizations update their IT systems or merge their IT infrastructure with their acquired companies. The integration of multiple IT systems on traditional IT infrastructure can create cross-platform system integration issues. Thus, the challenges associated with system integration and interoperability discourage organizations from implementing phone-based authentication solutions.

This phone-based authentication solutions market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major Phone-based Authentication Solutions Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Broadcom Inc.
• Early Warning Services LLC
• Entrust Datacard Corp.
• Fujitsu Ltd.
• HID Global Corp.
• IDEMIA
• OneSpan Inc.
• SecureAuth Corp.
• Shearwater Group Plc
• Thales Group

This statistical study of the phone-based authentication solutions market encompasses successful business strategies deployed by the key vendors. The phone-based authentication solutions market is fragmented and the vendors are deploying growth strategies such as focusing on distinguishing their product offerings to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The phone-based authentication solutions market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Phone-based Authentication Solutions Market?

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38% of the market's growth will originate from North America during the forecast period. The US and Canada are the key markets for phone-based authentication solutions in North America. Market growth in this region will be faster than the growth of the market in the South American, APAC, and MEA regions.

The advent of modern technologies and innovations in cloud and IoT, along with the growing popularity of digital transformation, have raised the importance of authentication. This will facilitate the phone-based authentication solutions market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating End-user Segments in the Phone-based Authentication Solutions Market?

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The phone-based authentication solutions market share growth by the BFSI segment will be significant during the forecast period. The complete digitization of all core processes and the growing adoption of customer-centricity due to the increasing use of online banking and mobile banking drive the growth of the BFSI segment. The rising number of data breaches in BFSI organizations has led to the implementation of stringent regulations that necessitate the use of authentication solutions to safeguard financial information. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the phone-based authentication solutions market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Phone-based Authentication Solutions Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive phone-based authentication solutions market growth during the next five years
• Precise estimation of the phone-based authentication solutions market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the phone-based authentication solutions industry across North America, Europe, APAC, South America, and MEA
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of phone-based authentication solutions market vendors

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